It is a common situation for a company with a product to sell to need some additional capital to purchase manufacturing equipment, commercial property, or other assets. When you have a service-related business, you could also need funding for actual assets, but you could also require professional loans for something intangible.
One example would be finding out that your main client is asking to go from a net-30 to a net-60 or net-90 payment schedule but going one or two months without the income would be a hardship. You don’t want to refuse to accommodate them or you could lose the client and be out far more than a month or two of income. To get through the transition period, consider professional loans that can be paid back over the next few months.
Professional loans can also be helpful when you are ready to expand but need extra funds to hire and train more staff members. You’ll need the workforce before you can add clients, but you need clients to afford the workforce. This scenario keeps many companies from growing if they can’t come up with a way to cover a larger payroll in the beginning. Professional loans can also help in other ways when you are experiencing “growing pains” where the money can’t get flowing like you plan without an infusion of capital.
If you would like to learn about professional loans for your service-related or product-related business, don’t hesitate to reach out to us at the BRM Lending Team. You will have access to a broad range of lending services designed for your unique financial needs. We look forward to helping you grow your business successfully. Call today to learn more.